Vinoth C

Published on: Jun 30, 2026

Msme Loan In 59 Minutes

Msme Loan In 59 Minutes was introduced by the Indian Government on November 2, 2018, for supporting Micro, Small and Medium Enterprises (MSME’s). Under the scheme, fast loans of up to Rs.1 crore is provided in less than 1 hour. For this Scheme the government has also launched a website, namely psbloansin59minutes.com, to cater to the prospective beneficiaries of the scheme.

Know more about Udyog Aadhaar

Features of the Scheme

The scheme is designed to grant a sum of upto Rs.One crore as a loan in fifty-nine minutes, i.e. less than an hour.
There will be a 2% rebate for MSMEs availing a loan of up to Rs.One crore, provided the particular establishment is registered with GST.
Loans are provided between the range of Rs. 1o lakhs to Rs. 1 crore with varied interest rates. The minimum interest rate is fixed at 8%.
Under the initiative, the MSMEs can also avail their loans from Small Industries Development Bank of India (SIDBI).
A portal has been opened solely for the disbursal of loans, which facilitates the completion of formalities pertaining to the loan application.
No need of original documents need, scanned document copy will get uploaded in the provided website.

Documents Required

Details of the Director or Owner like ownership details, personal details, education details.
Last six-months bank statement.
Tax returns statement in XML format.
GST number.

Approving Banks

The following banks are providing loan under the scheme to MSMEs:

Bank of Maharastra
Oriental Bank of Commerce
Punjab & Sind Bank
Bank of Boroda
Punjab national bank
Indian Bank
Andhra Bank
Vijaya Bank
Bank of India
Canara Bank
State Bank of India
Corporation Bank
IDBI Bank
Indian Overseas Bank
Syndicate Bank
UCO Bank
Union Bank
Allahabad Bank
United Bank of India.

Application procedure

Step: 1 Visit and register.

Login Page Step: 2 In the particular page, enter the name, mobile number, email ID and click on the "Get OTP" button to generate OTP.

OTP Step: 3 After getting the OTP, the page will be redirected to password set up page by doing the needful, click Proceed.

Password Step: 4 Answer (4 Questions) at the end, and the click on the "Proceed" option.

Provide your Data Step: 5 Enter the GST details and submit.

GST details Step: 6 Either upload the ITR Documents in XML format or Log in with the user credentials and upload the required bank statements and click on "Proceed."

ITR documents Step: 7 Enter the income-tax login in the password as shown below.

Income tax login in password Step: 8 Upload six-month bank statement by selecting the preferred bank along with the type of loan or log in with the net-banking details.

Upload Bank statements Step: 9 Provide the details of directors as shown below and click "Submit."

Directors Details Step: 10 Fill up the required loan related requirements.

Loan details Step: 11 Select among the proposed banks listed on the page.

Bank Step: 12 Pay the one-time application fees to get the principle letter on the registered mail Id.

Payment page Step: 13 A confirmation message will pop out, click on the "Download" option to download the confirmation letter.

Confirmation message Step: 14 An in-principle sample letter will be displayed on the page, confirming the approval of the grant of loans.

Principle letter sample

Back to Learn

Frequently Asked Questions

Common questions about MSME Loan in 59 Minutes.

The MSME Loan in 59 Minutes scheme is an initiative introduced by the Indian Government on November 2, 2018, to provide fast loans of up to Rs. 1 crore to Micro, Small and Medium Enterprises (MSMEs) in less than an hour. The scheme aims to support and promote the growth of MSMEs in India.

Under the MSME Loan in 59 Minutes scheme, prospective borrowers can avail loans ranging from Rs. 10 lakhs to Rs. 1 crore. The maximum loan amount that can be sanctioned through this scheme is Rs. 1 crore.

The minimum interest rate for loans sanctioned under the MSME Loan in 59 Minutes scheme is fixed at 8%. However, the interest rates may vary depending on the lending bank and the borrower's creditworthiness.

MSMEs registered with GST and availing loans up to Rs. 1 crore under this scheme are eligible for a 2% rebate on the interest rate.

Several public sector banks, including State Bank of India, Bank of Baroda, Punjab National Bank, Canara Bank, and others, are participating in this scheme and providing loans to eligible MSMEs.

The application process is entirely online and can be completed through the dedicated website psbloansin59minutes.com. Applicants need to register, provide required documents, and submit the loan application form on the website.

The key documents required include ownership and personal details of the directors/owners, bank statements for the last six months, income tax returns in XML format, and GST registration number.

Yes, existing MSMEs can apply for a loan under the MSME Loan in 59 Minutes scheme, provided they meet the eligibility criteria and can furnish the required documents.

The article does not mention any specific age limit for directors/owners to be eligible for a loan under the MSME Loan in 59 Minutes scheme.

As the name suggests, the MSME Loan in 59 Minutes scheme aims to provide loans in less than an hour, or 59 minutes, after submitting the complete application along with the required documents.